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In focus
- Toyota, Astra take on startups in Indonesia’s used-car race
- Indian neobank Jupiter moves toward raising US$25 million in new funding
- Meesho returns its HQ to India ahead of IPO
Hello reader,
With global uncertainties like war and economic downturns looming, many people are now thinking twice before buying a car.
It’s no surprise, then, that automotive giants are doubling down on Indonesia’s used-car marketplace, as seen in Toyota’s US$120 million investment in Indonesian conglomerate Astra.
Astra has long been Toyota’s partner in manufacturing and selling its models locally. But new-car sales in the country are on the decline. While used-car sales are also seeing a slight dip, in terms of hard numbers, more of them are being sold.
Toyota’s partnership with Astra puts their alliance to compete head-to-head with startups like Carro and Carsome, which I discuss in today’s top story. Astra already owns the online classifieds platform OLX Indonesia. But while the extent of these giants’ ambitions remains unclear, offline presence is becoming increasingly important in how consumers make big-ticket purchases.
With hundreds of dealerships across Indonesia, Toyota holds an edge that’s tough for startups to match.
Meanwhile, in India, neobank Jupiter hopes to reverse a recent slump in the country’s fintech scene. The firm is in the final stages of closing a US$25 million funding round from existing backers like Beenext, Matrix Venture Partners, and Nubank.
Jofie Yordan, journalist
Top Stories
1️⃣ Toyota crashes Indonesia’s used-car party with $120m bet
OLX Mobbi showroom / Photo credit: OLX Mobbi
Toyota and Astra’s move into used cars is more than a partnership – it’s a power play. For Toyota, it’s a similar strategy to what it has pursued in Japan, the US, and Singapore.
As Carro and Carsome prepare for their IPOs, shelling out big bucks to defend their market share may not be a priority. Can their brand-agnostic approach be enough to hold their ground?
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